is brief set of calculations from the Wall Street Journal’s Ellen Schultz shows simply how much of a raw deal American workers have been getting from defined-contribution retirement plans. It is impossible for them to generate the rate of return of a defined benefit plan, just completely impossible.

One of the major side issues in the Wisconsin public employees fight is the role of public pension obligations. It’s not really the main issue, since Wisconsin labor officials have agreed to all of the pension concessions which Governor Walker has sought. The idea here is that state workers don’t “deserve” these generous pensions, and [...]